Dear copiers and followers,
we could also see another green month in our portfolio in June, with an increase of 3.54%. Over the year, we have so far been able to achieve a return of €28.22 (as of July 14, 2024), which makes me very happy for all of us, not least because of the fact that we could even outperform the $NSDQ100 . So far it has a YTD return of almost 21% and the $SPX500 still has a good 18%.
Of course, I can't promise that things will continue like this over the rest of the year, but I am confident that our portfolio is well positioned for the future.
As most of you know, I am not an active trader and only make changes to the portfolio every now and then.
In June I decided to sell the shares of $VEEV (Veeva Systems Inc A) . I had the stock in my portfolio for the last three years and now sold it at a small loss. In addition to the still very high valuation of the share, the decisive factor for the sale was that the growth is not high enough to justify this high valuation. The share was and is therefore quite volatile. In addition, although Veeva Systems is the market leader in its field, it only represents a niche, which in my opinion will make it difficult to achieve strong growth in the coming years. But that is exactly what is necessary to justify the current high valuation and, above all, to generate short increases in the share price in the future.
With the liquidity freed up by the sale, I bought the first of probably two tranches of $MTS.MC (ArcelorMittal) shares.
ArcelorMittal is a major player in the global steel industry and has achieved a comparatively strong position through specialization and increased efficiency. Despite slow improvements in the industry and challenges in the Chinese market and the global construction industry, the company shows solid organic EBITDA growth. The company is also currently well below its average valuation of the last 20 years. The whole thing is rounded off by a dividend yield of just over two percent.
My investment case is based on what I believe will be an early recovery in the global construction economy and a resulting increase in demand for steel.
I am also generally bullish on commodities in the coming years. Iron and steel is currently in a cyclical low. I am clearly counting on a turnaround in the coming months and years.
Have a nice Sunday everyone and a good start into the new week.
Best regards, Andre... Show More
